The three major U.S. equities indexes sank rapidly on Wednesday following the press conference with Federal Reserve Chair Jerome Powell. The Nasdaq closed essentially flat, the Dow Jones industrials dipped by 0.4%, and the S&P 500 retreated 0.2%. Among S&P 500 stocks, losers outnumbered winners by more than two to one. Nine of 11 sectors closed lower, led by real estate (down 1.7%), communications services (1.5%) and materials (1.0%). The tech (up 0.6%) and financial (0.3%) sectors closed higher.
Crude oil settled at $87.35 a barrel on Wednesday and traded up about 0.6% in early trading Thursday at $87.87. The 10-year/two-year U.S. Treasury note spread ended the day at 0.72%, narrower by two basis points.
Here are the five S&P 500 stocks that closed with the biggest gains on Wednesday: Corning (up 11.16%), Archer Daniels Midland (5.70%), Broadcom (4.30%), Teradyne (3.67%) and Microsoft (2.85%).
Wednesday’s biggest losers among the S&P 500 stocks were Discovery (down 9.16%), ADP (8.95%), F5 (8.43%), AT&T (8.42%) and Hasbro (6.06%).
At around 7:00 a.m. ET Wednesday, S&P 500 futures traded up about 0.2%, the Nasdaq was up 0.4% and the Dow traded down by less than 1%.
The leading gainer among S&P 500 stocks in Thursday’s premarket trading was ServiceNow Inc. (NASDAQ: NOW), up around 12% at $541.73. The company reported results late Wednesday that beat estimates on both the top and bottom lines.
Seagate Technology Holdings Inc. (NASDAQ: STX) traded up about 8% to $104.04. The company beat top-line and bottom-line estimates when it reported results. For 2022, Seagate expects to increase revenue by 3% to 6%.
Raymond James Financial Inc. (NYSE: RJF) traded up by about 9.7% to $107.99. The company beat estimates when it reported quarterly results Wednesday.
Xilinx Inc. (NASDAQ: XLNX) traded up about 5.4% before markets opened Thursday to $184.81. The chipmaker was another company that reported top-line and bottom-line beats.
Centene Corp. (NYSE: CNC) traded up 4.45% to $78.69. Bloomberg reported Wednesday that in recent months, Cigna has shown takeover interest in Centene. No serious negotiations were held however, and sources say the discussions have ended.
Stocks trading lower in Thursday’s premarket session include Teradyne Inc. (NASDAQ: TER), which was down 16.3% to $120.01. The company beat expectations for earnings and revenues but issued downside guidance for 2022. A 10% dividend hike and $750 million buyback program apparently did not help much.
LendingClub Corp. (NYSE: LC) traded down 17.9% to $18.47 in Thursday’s premarket. Another case of a disappointing earnings report Wednesday night.
Lam Research Corp. (NASDAQ: LRCX) closed up about 1.4% on Wednesday and traded down by nearly 5% in Thursday’s premarket at $567.50. The company beat estimates but issued downside guidance for the current quarter.
Edwards Lifesciences Corp. (NYSE: EW) traded down by about 5% Thursday morning. The heart-health provider missed on earnings and issued in-line guidance for the current quarter and reaffirmed prior guidance for the 2022 fiscal year.
Intel Corp. (NASDAQ: INTC) traded down by more than 3% in Thursday’s premarket session at $50.11. The chipmaker beat top-line and bottom-line estimates but issued mixed guidance for the current quarter. Intel also raised its dividend by 5% to $0.365 per share ($1.46 annually).
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